Tennessee House Bill HB1428

Tennessee 2023-2024 Regular Session

• Introduced: 1/31/23
• Refer: 2/2/23
• Refer: 3/14/23

Caption

AN ACT to amend Tennessee Code Annotated, Title 49, Chapter 6, Part 17, relative to financial literacy incentives.

Impact

If enacted, HB 1428 amends Tennessee Code Annotated, Title 49, Chapter 6, Part 17, specifically focusing on educational protocols regarding financial literacy. This legislation could lead to enhanced student preparedness in financial matters, aligning educational curricula with essential life skills. The incentive payments may improve teacher engagement in fostering financial literacy, potentially leading to higher student proficiency in personal finance, which is crucial for navigating today's economic challenges.

Summary

House Bill 1428 aims to enhance financial literacy among students in Tennessee by establishing an incentive program for middle school and senior high school teachers. The bill authorizes the Tennessee financial literacy commission to develop the program which provides financial incentives to teachers who successfully teach personal finance courses and complete required training. The annual incentive payment can be up to $1,500 per eligible teacher, contingent on funding availability. The program is intended to motivate educators to promote financial literacy and equip students with essential financial skills.

Contention

While there is broad support for promoting financial literacy, some concerns may arise regarding funding for the incentive program. The bill stipulates that no funds will be allocated unless appropriated by the general appropriations act, leading to uncertainties about the program's financial sustainability. Moreover, the bill's effectiveness relies on teacher participation and the implementation of adequate training programs, raising questions about the operational aspects and responsibilities of the financial literacy commission in executing this initiative.